Saudi: Riyadh approves $5.6bn smart city projects
The UAE's Majid Al Futtaim Group is expected to participate in High Commission for Riyadh Development's smart city plans with a $2.8bn development
The High Commission for Riyadh Development (HCRD) approved projects worth $5.6bn (SAR21bn), which are expected to create 8,000 jobs in Saudi Arabia.
At the meeting presided by Prince Faisal Bin Bandar, the Governor of Riyadh, HCRD cleared developments slated to transform Riyadh into a smart city.
The UAE's Majid Al Futtaim Group is also expected to participate in the development of these projects, such as through the 86.6ha Al Narjis district, worth $2.8bn (SAR10.5bn).
HCRD's projects will span commercial, recreational, and housing sectors, besides hospitality and healthcare.
Prince Faisal assured "there will be transparency at each stage of the operation during the construction phase, enabling the commission to monitor work as it progresses", according to Arab News.
Ibrahim Al-Sultan, the mayor of Riyadh, said the Alshaya Kuwaiti project, Riyadh Avenue, will span 38.8ha in the Almalqa district, and will be worth $1.7bn (SAR6.5bn).